# KAOPEN Moderation Across Asset Classes

| Asset Class | Z₁×KAOPEN | p | Z₂×KAOPEN | p | Z₃×KAOPEN | p |
|---|---|---|---|---|---|---|
| Safe rate (10y) | 2.253 | 0.708 | -0.184 | 0.819 | 0.002 | 0.937 |
| Safe rate (3m) | 9.848* | 0.060 | -1.270* | 0.076 | 0.044 | 0.102 |
| Term spread | -10.359 | 0.217 | 1.500 | 0.185 | -0.058 | 0.173 |
| REER (log) | -1.526 | 0.436 | 0.239 | 0.390 | -0.010 | 0.365 |
| REER (Δ%) | -1.096 | 0.464 | 0.181 | 0.390 | -0.008 | 0.327 |
| House prices (Δ%) | 1.877 | 0.236 | -0.250 | 0.244 | 0.009 | 0.251 |
| Stock mkt cap/GDP | 0.964 | 0.512 | -0.152 | 0.483 | 0.006 | 0.459 |
| Portfolio equity/GDP | -1.155** | 0.026 | 0.188** | 0.017 | -0.008** | 0.014 |
| Carry vs USA | -4.893 | 0.294 | 0.776 | 0.225 | -0.032 | 0.182 |